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you want to hit on. and then we'll open it up from more conversation. >> thanks, jon. first, i just want to thank martin and tom for the very gracious comment and i think quite helpful insights about the dodd-frank act. so i might just take 2 minutes or 3 minutes to highlight some issues and then we can open it up on -- or jon can lead us through conversation. on martin's comment, i think i agree with an aspect of martin's comments on resolution authority. if there is -- if there is an error in the dodd-frank act on the mix of crisis tools which undoubtedly it will be. it's in the direction martin indicated, in the direction of being overly constraining of treasury and the fed of the crisis. i don't think the error -- often in the public debate people suggest errors is the other direction. i think martin is correct. if we erred in limiting authorities, not in being -- not to insufficiently tough about them. on tom's comments, i do think there's always this debate in the regulatory structure. it's impossible to escape between rules and discretion. it's a debate that's been around for
? >> i don't know how to answer that, jon. i was laughing over at you. i was looking at amy friend who joined us and amy and i had lots of conversations that were about that very topic. and amy was right more than i was about the answers to that question. but they were usually pretty pessimistic answers. so what do you do? i mean, it's like any other constraint. i mean, we live in the world we live in. and not in a different world. and the political system is no different than that. and it's much better to design good policy that works for the world you live in than to design policy that works for a world you don't live in. so i think not just being pig headed is the answer i would give. >> well, there is a moment in history when it's a little hard to be optimistic about policy. everything is so polarized. my colleagues at brookings that congress is more polarized. that is to say the most liberal republican is more conservative than the most conservative democrat so working out agreements in that environment is pretty difficult. to take a slightly more positive turn, i think we do pass
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